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Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
It’s always best for businesses and individuals to file their tax returns on time — but with the IRS, late is always better than never. Here’s a look at the process for filing taxes late ...
If the taxpayer doesn’t file until July 17, which is more than 60 days late, his failure-to-file penalty will be $435 — $435 being the lesser of that minimum or 100% of the tax owed.
Duty-free permit (or Duty-free vehicle permit or Motor Vehicle Permit on Concessionary Terms) is a permit issued by the Treasury of the Government of Sri Lanka that allows its holder to import a vehicle into Sri Lanka on duties concessions or exempt from certain taxes.
The Financial Crimes Investigation Division was formed on 26 February 2015 under the purview of Sri Lanka Police Service. FCID is directly responsible in handling the investigations on the corruption charges against the Rajapaksa Administration and the public service that involved in large-scale corruption which led to destabilize the Government revenue.
Penalties for filing taxes late are deliberately set high enough to encourage taxpayers to file in a timely manner. On top of that, the IRS can impose additional penalties and interest to any ...
Late payment penalties are generally 0.5% of the unpaid tax per month, though that can build to as much as 25%. If things get that bad, the IRS is usually willing to take a lower amount via a ...
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is a professional accountancy body in Sri Lanka.The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to awarding the Chartered Accountant designation.
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